Nifty seems forming H&S, Target upto 23200 if breaks below 24688I am reposting this analysis to support my previous post where nifty is possibly forming H&S pattern and can give breakout on downside, here is the link:-
Now I have added Fib retracement taking 04th Low (23179) and recent LTH (26277), with 0.618 Fib retracement the downside target comes (23195) which is inline with H&S pattern breakout target.
Also I have added waves to better visualize the moves. The wave in blue is the main correction wave which must form ABC pattern, and we have completed wave A and wave B (smaller wave in green) seems in formation which might go around ~25480 fib level.
Then the wave C (wave 12345 in red) is the one which can give the expected fall.
The confirmation will come when nifty will break the neckline and then will do a retracement towards it as shown by wave in 2 in red.
I have created a post for bank nifty where it compliments the moves with Nifty 50 but bank nifty might not give that much fall if gets support around 49000-49500. That means nifty might also get support at 24000-24200 or else other sectors need to show more correction than banks. Here is the post for the same:-
Thanks for taking a look and if you like or find the analysis relevant please like and share.
Also comment to provide your inputs which probably I have missed. Thanks!
** This is not a trade advise, just applying chart patterns, wave theory together to predict the possible moves and please do your own analysis before taking any trade.
